Westpac in hot water
Article Abstract:
Australia's Westpac Banking Corp faces legal problems stemming from a former clients' lawsuit. The suit alleges that a past division of Westpac appropriated commissions on foreign currency exchanges without proper declaration. The plaintiff, Queensland's Drambo Pty, is claiming $36 million in damages from Westpac for its Partnership Pacific unit's 'point-taking' practices. The suit indicates more problems for Westpac, not the least of which, are additional lawsuits and further cuts in dividends which had already been slashed by almost half in th fiscal year ending Sep 30, 1991.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1992
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Bad case of hiccups
Article Abstract:
Australia's financially troubled brewing firms are up for sale to foreign investors. John Elliott's debt-financed stake in Foster's Brewing Group Ltd, which has 48% share of the local beer market, may be floated to the public or offered to foreign groups. Alan Bond's National Brewing, which has 43% of the market, is already under management by Lion Nathan Ltd of New Zealand, while the Cascade Group of Tasmania is up for bidding, with the San Miguel Corp of the Philippines as one of its main bidders.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1992
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Comment about this article or add new information about this topic: